Inventory and absorption rate by Charleston communities
It's been a while since I've analyzed the inventory and absorption rate by Charleston communities, statistics that don't get presented in the monthly Charleston real estate market report. Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
There is simply way too much inventory on the market. I can't think of any other way to better describe more than a years worth of inventory throughout the Charleston area when you can measure the absorption rate in years rather than months (please note, that's just a figure of speech, the absorption rate is actually measured in months so Daniel Island has almost 17 months worth of inventory, not 17 years). It's not just a buyers market, it's a problem for anyone wanting to sell their home because quite simply, how do you get your home to be selected from all the available choices that buyers have.
Because the North area including Summerville and Goose Creek remain more affordable than closer in areas like Mount Pleasant and James Island, the absorption rate is slightly better (but slightly is the operative word).
My recommendation for anyone wanting to sell in current Charleston market conditions is to price your home better than all of the comparable homes in your neighborhood, put it in pristine condition and be flexible when negotiating a contract should you be the lucky homeowner that finds a buyer who is interested in your home.